Global Extended Reality Display Market Report 2022: Adoption in the Healthcare Industry Bolsters $25 Billion Sector
DUBLIN, May 31, 2023 /PRNewswire/ -- The "Global Extended Reality Display Market Size, Segments, Outlook, and Revenue Forecast 2022-2028 by Solution, Application, End-User, Region" report has been added to ResearchAndMarkets.com's offering.
Extended Reality (XR) is the combination of Augmented Reality (AR), Virtual Reality (VR), and Mixed Reality (MR). Augmented Reality is a user-based experience that combines the real world with digitally generated content for real-time user interaction.
While augmented reality changes the user's perception of real-world the Virtual Reality provides the artificial digital world to the user with the help of different wearables devices such as VR Headsets, haptic gloves, and more. Mixed reality is the further combination of both VR and AR that use physical and virtual devices to interact with mixed reality environments.
According to this analysis, the Global Extended Reality Display Market was valued at ~US$ 8 billion in 2017. It is estimated to be ~US$ 25 billion in 2022 and is expected to reach a market size of ~US$ 100 billion by 2028 growing with a CAGR of ~25% during 2022 to 2028. The adoption of extended reality display in the healthcare sector is likely to drive market growth.
The adoption of extended reality devices in the healthcare sector is driving the growth of the global extended reality display market.
Extended reality devices are widely used in the healthcare sector by surgeons to detect every aspect of the human body, which helps them to see complex body structures easily during surgeries.
Extended reality technology also helps medical practitioners to memorize information regarding human body parts such as the brain and heart more easily.
The Multiple Health Issues Due to Extreme Usage of Extended Reality Devices Are Major Challenges Faced by The Global Extended Reality Display Market.
The excessive use of extended reality devices has many health issues as many users have reported that they have experienced several issues like headaches, eyestrain, dizziness, and nausea after using extended reality devices.
Since Covid-19 Pandemic, the use of XR Technology is widely increasing such as for Learning, Training, and Treatment purposes as it encourages students, teachers, and professors to learn and educate using augmented reality, virtual reality, and mixed reality labs due to the lack of offline interaction due to government norms and lockdowns worldwide.
Scope of the Report
The Global Extended Reality Display Market is segmented by Solution, Application, and End-User. In addition, the report also covers market size and forecasts for the four major regions for the global Extended Reality Display market. The revenue used to size and forecast the market for each segment is US$ billion.
By Solution
- Consumer Engagement
- Business Engagement
By Application
- Virtual Reality (VR)
- Augmented Reality (AR)
- Mixed Reality (MR)
By End-User
- Retail
- Education
- Industrial & Manufacturing
- Healthcare
- Media & Entertainment
- Gaming
- Aerospace & Defense
- Others
By Region
- North America (USA, Canada, and Mexico)
- Europe (France, Italy, Germany, Spain, UK, and Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Indonesia, and Rest of Asia Pacific)
- LAMEA (Latin America, Middle East, and Africa)
Key Players
- Qualcomm Technologies Inc
- Magic Leap
- Meta
- HP Development Company, LP
- SoftServe Inc
- Sony Interactive Entertainment LLC
- Accenture
- Apple Inc
- Northern Digital Inc
Key Trends by Market Segment
By Solution: The consumer engagement segment by solution held the largest market share in 2021 in the global extended reality display market
Customer engagement is the process of interacting with customers through different channels to develop and strengthen a relationship with them It is a strategy used by companies to add value throughout every client encounter and boost loyalty
By Application: The Virtual Reality (VR) segment by application held the largest market share in 2021 in the global extended reality display market.
Virtual Reality is creating a digital world using computer technology to access that digital world users use various VR devices such as VR headsets, haptic gloves, feedback controllers, and more.
In addition, teachers in a variety of educational centers are now focusing on virtual reality technology for providing better teaching such as 3D teaching models. VR, technology is less expensive, also more engaging, and visually appealing for students.
By End-User: The Gaming segment is projected to be the fastest growing market during the forecast period owing to the increasing adoption of immersive technologies in the gaming industry, along with the rising investment by key players.
In January 2022, Microsoft acquired Activision Blizzard, which is the leader in gaming development and interactive entertainment content publisher. The acquisition will help the company to accelerate growth in the gaming business such as more games for the Microsoft Xbox series (Xbox is a gaming console launched by Microsoft).
In In January 2022, Qualcomm Technologies, Inc. announced that gamers are now able to download and play the survival-horror game Resident Evil 4 VR exclusively on their Quest 2 VR headset, which is powered by the Snapdragon XR2 5G Platform.
By Geography: North America is estimated to be the dominant among all regions within the total global extended reality display market, however Asia Pacific is likely to be the fastest growing region during the forecast period.
The extended reality market in North America is expected to dominate for the forecast period, mostly because of the existence of several suppliers that have made considerable investments in market innovations. The marketplaces for augmented reality (AR), virtual reality (VR), and mixed reality (MR) have been among the most inventive in nations like the US.
In August 2022, Microsoft Inc. launched its wrist-mounted VR controller, which has haptic technology. The controller will be synced with the pointer in the screen thus the user is able to feel the actions on the screen.
Recent Developments Related to Major Players
In September 2022, Meta announced that they are collaborating with Qualcomm for designing a customized chipset for extended reality platforms, which delivers the next-generation platforms and core technologies in the metaverse.
In September 2022, Sony Interactive Entertainment formed a partnership with USC Games. Under this, USC Games will provide students with studying game development and designing courses that include VR Gaming.
Conclusion
The Global Extended Reality Display Market is forecasted to grow significantly with a CAGR of ~25% during the forecast period primarily driven by the adoption of Extended Reality Display devices in the Healthcare sector. Though the market is highly competitive with ~ 500+ participants, country-niche players comprise the largest share of ~55% among total competitors followed by regional players at ~40% by number of competitors by type. North America is the dominant region for Extended Reality Display Market.
Note:This is an On-Demand/Planned report, so the figures quoted here for a market size estimate, forecast, growth, segment share, and competitive landscape are based on initial findings and might vary slightly in the actual report. Also, any required customizations can be covered to the best feasible extent for Pre-booking clients, and the report delivered within a maximum of two working weeks.
Key Topics Covered in the Report
- Snapshot of the Global Extended Reality Display Market
- Industry Value Chain and Ecosystem Analysis
- Market size and Segmentation of the Global Extended Reality Display Market
- Historic Growth of the Overall Global Extended Reality Display Market and Segments
- Competition Scenario of the Market and Key Developments of Competitors
- Porter's 5 Forces Analysis of the Global Extended Reality Display Industry
- Overview, Solution Offerings, and Strengths & Weaknesses
- COVID-19 Impact on the Overall Global Extended Reality Display Market
- Future Market Forecast and Growth Rates of the Total Global Extended Reality Display Market and by Segments
- Market Size of End-user Segments with Historical CAGR and Future Forecasts
- Analysis of the Global Extended Reality Display Market
- Major Production/Supply and Consumption/Demand Hubs within Each Major Country
- Major Country-wise Historic and Future Market Growth Rates of the Total Market and Segments
- Overview of Notable Emerging Competitor Companies within Each Region
Key Target Audience - Organizations and Entities Who Can Benefit by Subscribing This Report
- Extended Reality Display Manufacturers
- Government Ministries of Health and Family Welfare
- Extended Reality Display Industry Association
- Extended Reality Display Companies
- Financial Institutions Targeting Extended Reality Display Industry
- Government Ministries and Departments of Information Technology
- Investors and financial community professionals
- PE and VC Firms focused on Information Technology Sector
Time Period Captured in the Report
- Historical Period: 2017-202
- Forecast Period: 2022E-2028F
Frequently Asked Questions
What is the Study Period of this Market Report?
- The global extended reality display market is covered from 2017-2028 in this report, which includes a forecast for the period 2022-2028
What is the Future Growth Rate of the Global Extended Reality Display Market?
- The global extended reality display market is expected to witness a CAGR of about ~25% over the next six years
What are the Key Factors Driving the Global Extended Reality Display Market?
- The adoption of extended reality displays in the healthcare sector is driving the growth of the global extended reality display market
Which is the Largest Application Segment within the Global Extended Reality Display Market?
- The Virtual Reality (VR) segment accounted for the largest share of the global Extended Reality Display market in 2021
A selection of companies mentioned in this report includes
- Qualcomm Technologies Inc.
- Magic Leap
- Meta
- HP Development Company, L.P
- SoftServe Inc.
- Sony Interactive Entertainment LLC
- Accenture
- Apple Inc.
- Northern Digital Inc.
- QuaQua
- CXR
- TreeView
- Lucid Reality Labs
- FFFACE.ME
For more information about this report visit https://www.researchandmarkets.com/r/uqxjxn
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Media Contact:
Research and Markets
Laura Wood, Senior Manager
[email protected]
For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716
Logo: https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg
SOURCE Research and Markets
Share this article